According to CNET: “The Bored Ape Yacht Club crashed Ethereum on Saturday night. As part of the upcoming Bored Ape metaverse called Otherside, developer Yuga Labs on Saturday launched a new NFT collection that consists of 100,000 land deeds for the virtual world. Interest in the drop was immense — too much for the Ethereum blockchain to handle. Users ended up paying thousands of dollars in fees for failed transactions, and Ethereum proved unusable for hours due to its inability to distribute the load. Otherside is Yuga Labs’ take on the metaverse. It’ll be a virtual world made up of 200,000 plots of land, which will be purchased, owned and traded as NFTs. Land being sold as NFTs is a confusing concept, but traders are hoping land in heavily frequented metaverses will prove ultra-valuable; imagine owning a building in the center of a game like Fortnite and being able to do what you like with it.”
Full story : Bored Ape Yacht Club Just Broke the Ethereum Blockchain.
Our view: Something happened for sure. But to say Ethereum was broke is just flat wrong. The Ethereum Virtual Machine is functioning just fine. It has been up and operational 100% of the time since the first block was produced on 30 July 2015. Few other systems created by humans can claim this continuous uptime (with Bitcoin being another exception). Ethereum has a need for re-engineering around the edges and the community has long been working on plans to do just that, but these changes are being done to make processing faster and enable more transactions for less cost, not because it is broken. So, this is a case of an unfortunate use of a term by CNET to get clicks.
OODA network members can also access these additional resources on Web3 including insights into how to reduce risk and inform business strategies. Research and reporting of interest includes:
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Bitcoin and Ethereum and the Metaverse Jahon Jamali is one of the great explainers of the nature of the crypto revolution and provides insights here into the nature of the coming changes.
What Will The Federal Government Do In Response To The Rise of Cryptocurrencies? All businesses and citizens should understand the importance of improving policy in this domain, but we also need to be cautious about over regulating or passing foolish rules that do more harm than good.
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